GAMCO Asset Management (UK)

GAMCO's non-U.S. affiliate GAMCO Asset Management (UK) Limited provides products and services designed specifically for overseas investors. GAMCO does not offer these products or services outside their intended countries or regions, and purchase orders from U.S. investors will not be accepted, subject to limited exceptions.

The information available through accessing GAMCO Asset Management (UK) Limited has been prepared and is maintained by non-U.S. affiliates of GAMCO Investors, Inc. Access to this material by U.S. residents is for informational purposes only and should not be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any security under U.S. law. All content contained therein should be considered, and is subject to, the specific regulatory requirements under which GAMCO Asset Management (UK) Limited operates.

To reach the web site of a non-U.S. affiliate of GAMCO Investors, Inc., please click here.

Gabelli Japan, K.K.

GAMCO's non-U.S. affiliate Gabelli Japan, K.K. provides products and services designed specifically for overseas investors. GAMCO does not offer these products or services outside their intended countries or regions, and purchase orders from U.S. investors will not be accepted, subject to limited exceptions.

The information available through accessing Gabelli Japan, K.K. has been prepared and is maintained by non-U.S. affiliates of GAMCO Investors, Inc. Access to this material by U.S. residents is for informational purposes only and should not be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any security under U.S. law. All content contained therein should be considered, and is subject to, the specific regulatory requirements under which Gabelli Japan, K.K. operates.

To reach the web site of a non-U.S. affiliate of GAMCO Investors, Inc., please click here.

Objective

The Gabelli Utilities Fund seeks to provide a high level of total return through a combination of capital appreciation and current income.

Principal Investment Strategies:
Under normal circumstances, the Fund invests at least 80% of its net assets in securities of companies (i) that are involved to a substantial extent in providing products, services or equipment for the generation or distribution of electricity, gas and water and the provision of infrastructure operations or telecommunications services, such as telephone, telegraph, satellite, cable, microwave, radiotelephone, mobile communication and cellular, paging, electronic mail, videotext, voice communications, data communications and Internet (collectively, "Utility Companies") and (ii) that the Fund's investment adviser, Gabelli Funds, LLC (the "Adviser"), believes have the potential to achieve either capital appreciation or current income. The Adviser will emphasize quality in selecting utility investments, and looks for companies that have proven dividend records and sound financial structures. Generally, Utility Companies generate relatively predictable streams of revenue and income, and in the view of the Adviser, are likely to pay dividends.

The Fund may appeal to you if:

you are a long-term investor

you seek growth of capital as well as current income

you wish to include an income strategy as a portion of your overall investments

you believe that the utilities industry can generate growth of capital

Portfolio details

Returns represent past performance and do not guarantee future results. Current performance may be lower
or higher than the performance data quoted. Investment return and principal value will fluctuate so, upon
redemption, shares may be worth more or less than their original cost. To obtain the most recent month end
performance information and a prospectus, please call 800-GABELLI or visit www.gabelli.com

The value of utility stocks changes as long-term interest rates change. Funds investing in a single sector, such as utilities, may be subject to more volatility than funds that invest more broadly. The utilities industries can be significantly affected by government regulation, financing difficulties, supply or demand of services, or fuel and natural resources conservation.

The Fund may invest in small and mid capitalization companies. Small capitalization companies are subject to significant price fluctuations and business risks. The stocks of smaller companies may trade less frequently and experience more abrupt price movements than stocks of larger companies; therefore, investing in this sector involves special challenges.

The Fund may invest in foreign securities. Investing in foreign securities involves risks not ordinarily associated with investment in domestic issues including currency fluctuations, economic, and political risks.

The Fund's share price will fluctuate with changes in the market value of the Fund's portfolio securities. Stocks are subject to market, economic and business risks that cause their prices to fluctuate. When you sell Fund shares, they may be worth less than what you paid for them. Consequently, you can lose money by investing in the Fund.

Investors should carefully consider the investment objectives, risks, charges and expenses of the Fund before investing. The prospectus, which contains more complete information about this and other matters, should be read carefully before investing. To obtain a prospectus, please call 800-GABELLI or visit www.gabelli.com.

The Gabelli Mutual Funds are distributed by G.distributors, LLC., a registered broker-dealer and member of FINRA.